We have advised the management team shareholders of H&MV Engineering (H&MV), a leading specialist in high voltage (HV) electrical engineering and design, on its minority investment led by LGT Capital Partners, a leading global specialist in alternative investing. Current H&MV shareholders, including Exponent, a leading European private equity firm, and the management team, will retain a majority stake. Funds managed by global private markets investment management firm Hamilton Lane (Nasdaq: HLNE) will also make a minority investment via the firm's impact platform.
Bringing onboard new minority partners reflects H&MV’s significant growth in recent years and will help the business to further develop its footprint in the EMEA region and support expansion to new regions, including North America. In addition to LGT Capital Partners’ and Hamilton Lane’s investment, H&MV has also secured debt financing from Ares Management, as well as working capital facilities from a syndicate of leading banks to support the Company’s growth ambitions.
H&MV, founded in 1997, provides comprehensive turnkey HV services across design, installation, commissioning and maintenance of HV substations and grid connections, occupying a mission-critical role in its customers’ capital projects and value chains. It serves blue-chip data centre, renewables, and utility clients from its locations in Ireland, the UK, and across EMEA, including the Nordics, the Netherlands, and Germany.
Since Exponent’s investment in 2022, H&MV has experienced remarkable growth. Key milestones include a fourfold increase in revenue to over €500m, geographic expansion into multiple new markets, securing landmark contracts across its multinational client base, and developing a clear ESG, sustainability, and impact strategy. The business also bolstered its core HV specialist offering through the acquisition of Skanstec Group earlier this year, bringing a complementary presence in Iberia and Denmark and adding telecommunications and connectivity expertise into the group.
Today H&MV has a record order book in excess of €1bn and a weighted pipeline of over €1.7bn of opportunities across EMEA. With support from Exponent, LGT Capital Partners, and Hamilton Lane, the business is well positioned to accelerate its ambitious growth plans, leveraging the Company’s position as the market-leading specialist in HV infrastructure engineering in deep markets with huge growth potential.
This latest transaction marks the fifth milestone in Clearwater’s decade-long relationship with H&MV, encompassing four investments and one acquisition. During this time, H&MV grew from 50 to over 1,000 employees and established a robust international presence. This partnership exemplifies our deep commitment to developing market-leading Irish businesses throughout their growth journey.
